Not only did complications and frustrations in local deliveries trouble owners and cash buyers alike this week, but an alarming lack of open buyers and decreasing prices left the short-term future of the industry looking rather bleak.
The most recent advice has been to avoid the Chittagong market altogether, unless a waiting time of at least two week is prepared to be given along with the utmost cooperation and patience from the owner's side.
Only geographically positioned vessels and those discharging in Chittagong have tentatively been seeking local offers. But, even those continue to struggle to find a local buyer, and at prices that owners could be satisfied about.
Tellingly, even cash buyers are now positioning their 'as is' tonnage away from the Chittagong market due to the constant delays, endless paperwork and complete lack of finance from the local market there.
Source: Steel Guru (Sourced from GMS Weekly). 8 March 2012
http://www.steelguru.com/indian_news/GMS_report_on_Bangladesh_ship_breaking_industry_for_WEEK_09/253751.html
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